President Bola Ahmed Tinubu says that the naira redesign policy by the Central Bank of Nigeria would be reviewed.
The president says the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.
President Tinubu further stated that while the policy is being reviewed, his administration will in the meantime, treat both currencies as legal tender.
He also noted that Nigeria’s monetary policy needs a thorough housecleaning.
The president further asserted that interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.